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Institutional Limited Partners Association (ILPA)
AbbreviationILPA
Formation2002
TypeTrade association
PurposeIndustry standards, education, events, advocacy, and research for private equity limited partners
HeadquartersWashington, D.C., U.S.
Membership
500+ institutional investors
Steve Nelson
Websiteilpa.org

The Institutional Limited Partners Association (ILPA), founded in the 1990s and incorporated in 2002, is the largest trade association in the world for institutional limited partners in the private equity asset class.[1] It is headquartered in Washington, D.C. and has an additional office in Toronto, Ontario.[2]

ILPA’s mission is to “engage, empower, and connect limited partners to maximize their performance on an individual, institutional, and collective basis.”[3] As the only global organization dedicated exclusively to advancing the interests of limited partners, ILPA serves its membership through events, education, industry standards, advocacy, research, and content.

Among its activities, ILPA publishes a set of best practices for private equity limited partnerships, which are composed of limited and general partners. ILPA released its most recent version of guidance, ILPA Principles 3.0, in June 2019.[4] ILPA publishes a code of conduct for the private equity industry, as well as specific guidance and checklists for limited partners. Additionally, ILPA publishes several model templates and standardized disclosure documents for limited partners.

ILPA is governed by a Board of Directors consisting of sixteen directors elected annually at the association’s Annual General Meeting.[5] Neil Randall, managing director of private equity for the Teacher Retirement System of Texas, currently serves as Chair of the ILPA Board of Directors.[6] Steve Nelson, a senior business executive formerly of Cambridge Associates, became Chief Executive Officer of ILPA in March 2018.[7]

History

Formation

ILPA initially developed in the early 1990s as an informal network of 15-20 limited partners meeting semi-annually to discuss challenges facing limited partners.[8] "A bunch of LPs would meet occasionally for cocktails, 20-30 people, to chat about trends, issues and investments in the private equity marketplace. We would review the state of the asset class, discuss strategies for success, talk about negotiating tactics and review industry and market trends," said ILPA’s first Chairman Rick Hayes.[9]

Over the next few years, this working group gradually formed into an organized, not-for-profit association. During this time, ILPA meetings were held and decisions made through informal phone conversations, with a group of volunteers working on behalf of the group.

In February 2002, ILPA received its formal incorporation status in California as a not-for-profit association with 79 members.[10] That same year, ILPA held its first Members’ Conference in Toronto.[11] From there, ILPA elected a Board of Directors was elected to govern the organization, hired a dedicated staff to manage the organization’s daily activities, and drafted by-laws for adoption by ILPA’s membership.[12]

In 2004, ILPA published its official organizational website as a portal for ILPA members.[13]

In 2007, ILPA appointed its first Executive Director, Kathy Jeramaz-Larson, a senior business executive formerly of the Canada Pension Plan Investment Board.[14]

Membership

As a trade association, ILPA is dedicated to its members, who are private equity limited partners. In its nascent stages, ILPA’s membership consisted of a number of public and corporate pension funds, foundations, endowments, and family offices.[15] These members were primarily concentrated in North America and Europe.

Over time, ILPA’s membership has grown to include insurance companies, banks, sovereign wealth funds, and development institutions.[16] As of September 2019, ILPA’s membership features more than 500 limited partners, including some of the world’s largest institutional investors, such as Government Pension Investment Fund, Kuwait Investment Authority, and The World Bank.[17] Among its membership, approximately 60% is based in the United States, while the remaining 40% reside outside the United States in over 50 different countries.[18] Collectively, ILPA’s membership manages roughly half of all global institutional private equity assets under management.[19]

Activities

Education

ILPA operates the ILPA Institute program that offers a rigorous and comprehensive private equity curriculum for working professionals.[20] The ILPA Institute is staffed by professional educators who design individual courses held regularly across the globe.[21] The ILPA Institute features introductory Level I courses, as well as advanced Level II courses.[22] The ILPA Institute Level II classes comprise five particular modules covering different subject areas within private equity.[23] The ILPA Institute also offers specialist series courses that are more case specific. To supplement its ILPA Institute offerings, ILPA maintains a Local Edition of the Institute that brings ILPA’s educational content to particular regions of the world. At Local Edition courses, ILPA allows for open-enrollment sessions that are made available to limited partners in the geographic region.[24]

ILPA also has an Onsite Edition of the Institute, which caters to the educational needs of specific member institutions.[25] The ILPA Institute Onsite Edition sees ILPA instructors tailor their educational content to the particular needs of an ILPA member. At certain educational events, attendees can obtain professional development credits for their participation.[26] ILPA’s educational offerings are supplemented by frequent webcasts, workshops, and professional development seminars that the organization provides complimentary to its members.

Events

ILPA hosts a number of annual and content-specific events for the private equity industry and limited partners in particular. Its annual flagship events include the ILPA Summit, ILPA Summit Europe, Members’ Conference, and European Forum.[27] At these events, ILPA develops and curates content for its members and provides a forum for private equity professionals to engage. At the ILPA Summit and ILPA Summit Europe events, ILPA encourages participation from private equity general partners and develops its programming to reflect this audience.[28] A separate flagship event, ILPA’s Members’ Conference, limits attendees to ILPA members. The largest limited partner-only gathering in the world, ILPA’s Members’ Conference seeks to connect as many ILPA members as possible and promote the organization’s membership.[29]

Alongside these events, ILPA holds a number of local forums addressing individual subjects related to private equity limited partnerships.[30] At these events, ILPA similarly tailors its content to its member audience and offers industry members a forum for professional engagement. These events occur regularly and rotate among different locations across the globe. Access to ILPA events is offered to both ILPA members and non-members, though ILPA members receive preferential access to discounts and relationships with third-party service providers.

Research

ILPA also employs a professional research staff and conducts independent industry research in support of its membership.[31] ILPA provides this data, as well as other curated research, to members on a complimentary basis.

ILPA Private Equity Principles

In September 2009, ILPA released a set of guidelines, the Private Equity Principles,[32] intended to provide a common set of terms which institutional limited partners could use as the basis for negotiation with fund managers.[33]

References

  1. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  2. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  3. ^ "Board of Directors". Institutional Limited Partners Association. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  4. ^ "ILPA Releases "Principles 3.0" for Private Equity Industry". GlobeNewswire, Inc. Retrieved 2019-09-07.{{cite web}}: CS1 maint: url-status (link)
  5. ^ "Board of Directors". Institutional Limited Partners Association. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  6. ^ "ILPA Names Neil Randall Chair of Board of Directors". AlphaWeek. Retrieved 2019-09-14. {{cite web}}: Cite has empty unknown parameter: |1= (help)CS1 maint: url-status (link)
  7. ^ "ILPA Names Steven Nelson as Chief Executive Officer". GlobeNewswire, Inc. Retrieved 2019-09-07.{{cite web}}: CS1 maint: url-status (link)
  8. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  9. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  10. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  11. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  12. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  13. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  14. ^ "ILPA names new executive director". Private Equity International. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-10.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "ILPA Member List". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "ILPA Member List". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  19. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  20. ^ "Private credit courses draw asset owner crowd". Pensions & Investments. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  21. ^ "ILPA recruits Kelly as education managing director". PE Hub. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  22. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  23. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  24. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  25. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  26. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  27. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  28. ^ "ILPA Annual Summit". eFront. Retrieved 2019-09-11.{{cite web}}: CS1 maint: url-status (link)
  29. ^ "ILPA Annual Members' Conference". CEPRES. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  30. ^ "Events > Global Events". Institutional Limited Partners Association. Retrieved 2019-09-15.{{cite web}}: CS1 maint: url-status (link)
  31. ^ "ILPA Staff". Institutional Limited Partners Association. Retrieved 2019-09-15.{{cite web}}: CS1 maint: url-status (link)
  32. ^ Private Equity Principles Archived 2010-08-20 at the Wayback Machine, ILPA website
  33. ^ Institutional Limited Partners Association (ILPA) releases the ILPA Private Equity Principles. Reuters, September 8, 2009


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